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Economy of Qatar

Petroleum and liquefied natural gas are the cornerstones of Qatar's economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels (588,000,000 m3) should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP that ranks among the highest in the world. Qatar's proved reserves of natural gas exceed 7000km3, more than 5% of the world total and the third-largest reserves of any country in the world. Production and export of natural gas are becoming increasingly important. Long-term goals include the development of off-shore petroleum and the diversification of the economy.

Macro-economic trend

Qatar is now the richest country in the world. Current GDP per capita registered a world record-breaking peak growth of 1,156% in the 70s. This became quickly unsustainable and Qatar's current GDP per capita contracted 53% in the 80s. But rising global oil demand helped current GDP per capita to expand 94% in the 90s. Diversification is still a long-term issue for this over-exposed economy.

Qatar

Qatar (/ˈkæˌtɑːr/,i/ˈkɑːtɑːr/, /ˈkɑːtər/ or i/kəˈtɑːr/;Arabic:قطر‎Qaṭar[ˈqɑtˤɑr]; local vernacular pronunciation: [ɡɪtˤɑr]), officially the State of Qatar (Arabic:دولة قطر‎Dawlat Qaṭar), is a sovereigncountry located in Southwest Asia, occupying the small Qatar Peninsula on the northeastern coast of the Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. A strait in the Persian Gulf separates Qatar from the nearby island of Bahrain, as well as sharing sea borders with the United Arab Emirates and Iran.

A television viewing audience of 484 million in 80 countries across the Asia-Pacific region, Europe, North America and North Africa witnessed Japan defeat Australia 1–0 in the final.

Host selection

Qatar, India and Iran all lodged interest in hosting the 2011 AFC Asian Cup, while Australia also considered making a late bid. Qatar officially submitted their bid on 19 June 2006, while India withdrew their interest and Iran failed to submit proper documentation for their bid on time.

Qatar was announced as host nation on 29 July 2007, during the 2007 AFC Asian Cup in Jakarta, Indonesia. Due to FIFA regulations stating that confederation events can be hosted either in January or July, and July being peak summer heat in the Middle East, it was also announced that the tournament would be held in January of that year.

Economy of Qatar

Petroleum and liquefied natural gas are the cornerstones of Qatar's economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels (588,000,000 m3) should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP that ranks among the highest in the world. Qatar's proved reserves of natural gas exceed 7000km3, more than 5% of the world total and the third-largest reserves of any country in the world. Production and export of natural gas are becoming increasingly important. Long-term goals include the development of off-shore petroleum and the diversification of the economy.

Macro-economic trend

Qatar is now the richest country in the world. Current GDP per capita registered a world record-breaking peak growth of 1,156% in the 70s. This became quickly unsustainable and Qatar's current GDP per capita contracted 53% in the 80s. But rising global oil demand helped current GDP per capita to expand 94% in the 90s. Diversification is still a long-term issue for this over-exposed economy.

Latest News for: Qatar economy

That led oil prices to plummet, straining the petrodollar economies of Gulf nations. The boycott of Qatar by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates appeared no closer to ending, especially with a last-minute surprise by Doha of pulling Qatar from the Saudi-dominated OPEC oil cartel....

That led oil prices to plummet, straining the economies of Gulf nations. The boycott of Qatar by Bahrain, Egypt, Saudi Arabia and the UAE appeared no closer to ending, especially with a last-minute surprise by Doha of pulling out of Opec....

Such economic cooperation makes bilateral relations more meaningful on the occasion of Qatar's national day, Dec ... "I believeQatar and Korea have a lot in common regarding our dynamic economies, strong investment in human resources, and global leadership shown through the hosting of international sports events," Kwon said....

Oil prices were largely steady on Monday after falling 2 percent in the previous session, but remained under pressure amid weaker growth in major economies and concerns about oversupply ...Uber welcomes, unions criticise UK plan to maintain flexible gig economy....

CEORaghavan Seetharaman also said that the bank, Qatar’s fifth largest by assets, would maintain its presence in the UAE despite a protracted regional rift. The UAE, Saudi Arabia, Bahrain and Egypt began a boycott of Qatar in June 2017, accusing the country of supporting militants, which Qatar has denied ...Business & Economy Tags....

The governor of the QatarCentral Bank&nbsp;says the country’s ...Qatar is stronger today than ever before; and its economy is more resilient than it used to be before June 5, 2017,” the governor pointed out....

But the rifts that prompted the Saudi-led boycott of Qatar in June 2017 haven’t gone away ...Qatar’s ties with Shiite power Iran have strengthened, much to the dismay of the Sunni states that cited them when they initiated the embargo ... As the world’s biggest exporter of liquefied natural gas, Qatar has deep pockets....

Australia has become the largest exporter of liquefied natural gas (LNG) in the world, overtaking Qatar for the first time, according to data published on Monday. Australia shipped 6.79 million tons of LNG in November while Qatar exported 6.2 million tons, according to Refinitiv Eikon, the financial data arm of Thomson Reuters....

PUTRAJAYA. Qatar, which is hosting the World Cup in 2022, has given the thumbs up to Malaysia’s economy and welcomes the participation of Malaysian companies in development projects, particularly infrastructure ... ....